India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Amara Raja Energy & Mobility / Equity Bottom-Up

<ul>
<li>AREML is expanding into emerging lithium-ion related sectors, with significant investments in EV batteries and others. The company is constructing a INR9,500 crore Giga Corridor for lithium-ion cell manufacturing.</li>
<li>The company's shift from lead-acid to lithium-ion batteries and energy storage aligns with clean mobility trends, boosted by government incentives for local manufacturing and battery subsidies, enhancing growth prospects.</li>
<li>AREML's future growth is linked to lithium-ion and clean energy markets. Despite early margin pressures, this could make it a key player in India’s green energy shift.</li>
</ul>


AREML is expanding into emerging lithium-ion related sectors, with significant investments in EV batteries and others. The company is constructing a INR9,500 crore Giga Corridor for lithium-ion cell manufacturing.
The company's shift from lead-acid to lithium-ion batteries and energy storage aligns with clean mobility trends, boosted by government incentives for local manufacturing and battery subsidies, enhancing growth prospects.
AREML's future growth is linked to lithium-ion and clean energy markets. Despite early margin pressures, this could make it a key player in India’s green energy shift.


The Beat Ideas: Amara Raja Energy & Mobility Ltd: Assessing Growth Across Emerging Segments

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> is now looking to raise about US$350m in its upcoming India IPO.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.</li>
</ul>



Ather Energy is now looking to raise about US$350m in its upcoming India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.


Ather Energy IPO - Still Not Cheap Enough

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/time-technoplast-ltd" target="_blank" data-smartkarma-citation="entities:16043:1" rel="noopener">Time Technoplast (TIME IN)</a> holds a dominant position in the industrial packaging sector, with leadership in composite cylinders, IBCs, plastic drums, benefiting from a strong global presence&amp; high entry barriers.</li>
<li>TTL is increasingly focusing on higher-margin segments like CNG cylinders, hydrogen storage, and composite products. These initiatives offer significant scalability and margin expansion, setting up strong long-term revenue growth.</li>
<li>With strategic R&amp;D investments, TTL is entering emerging sectors like e-mobility (e-rickshaw batteries) and hydrogen fuel cylinders, tapping into new high-growth markets that could diversify revenue and fuel sustainable growth.</li>
</ul>



Time Technoplast (TIME IN) holds a dominant position in the industrial packaging sector, with leadership in composite cylinders, IBCs, plastic drums, benefiting from a strong global presence&amp; high entry barriers.
TTL is increasingly focusing on higher-margin segments like CNG cylinders, hydrogen storage, and composite products. These initiatives offer significant scalability and margin expansion, setting up strong long-term revenue growth.
With strategic R&amp;D investments, TTL is entering emerging sectors like e-mobility (e-rickshaw batteries) and hydrogen fuel cylinders, tapping into new high-growth markets that could diversify revenue and fuel sustainable growth.


The Beat Ideas- Time Technoplast: Driving Growth Through Innovation & Value-Added Products

India

Tata Motors Passenger Vehicles Limited provides cars and commercial vehicles. The Company designs, manufactures, and sells fossil fuel and electric cars, as well as heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances, and mini-buses. Tata Motors Passenger Vehicles serves customers worldwide.

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Tata Motors Passenger Vehicles (TMPV IN)

The Beat Ideas: Amara Raja Energy & Mobility Ltd: Assessing Growth Across Emerging Segments

AREML is investing in lithium-ion sectors, building a Giga Corridor for cell manufacturing, aligning with clean mobility trends and positioning...

Sudarshan Bhandari

Ather Energy IPO - Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO. In this note, we talk about valuations for the IPO.

Sumeet Singh

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

The Beat Ideas- Time Technoplast: Driving Growth Through Innovation & Value-Added Products

Time Technoplast is a dominant player in industrial packaging, focusing on higher-margin segments like CNG cylinders and hydrogen storage for...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas: Amara Raja Energy & Mobility Ltd: Assessing Growth Across Emerging Segments

​AREML is investing in lithium-ion sectors, building a Giga Corridor for cell manufacturing, aligning with clean mobility trends and positioning...

Sudarshan Bhandari

Ather Energy IPO - Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO. In this note, we talk about valuations for the IPO.

Sumeet Singh

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

The Beat Ideas- Time Technoplast: Driving Growth Through Innovation & Value-Added Products

​Time Technoplast is a dominant player in industrial packaging, focusing on higher-margin segments like CNG cylinders and hydrogen storage for...

Sudarshan Bhandari

AREML is investing in lithium-ion sectors, building a Giga Corridor for cell manufacturing, aligning with clean mobility trends and positioning...

Time Technoplast is a dominant player in industrial packaging, focusing on higher-margin segments like CNG cylinders and hydrogen storage for...